IBM Retirement Fund Boosts Stake in MGM Resorts International (MGM)
IBM Retirement Fund grew its position in shares of MGM Resorts International (NYSE:MGM) by 72.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 12,942 shares of the company’s stock after acquiring an additional 5,419 shares during the quarter. IBM Retirement Fund’s holdings in MGM Resorts International were worth $466,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Assenagon Asset Management S.A. bought a new position in shares of MGM Resorts International during the 3rd quarter valued at approximately $87,164,000. Advisor Group Inc. raised its holdings in MGM Resorts International by 35.3% during the 2nd quarter. Advisor Group Inc. now owns 24,967 shares of the company’s stock valued at $780,000 after buying an additional 6,509 shares during the period. Neuberger Berman Group LLC raised its holdings in MGM Resorts International by 63.2% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,189,143 shares of the company’s stock valued at $37,208,000 after buying an additional 460,431 shares during the period. Janus Henderson Group PLC raised its holdings in MGM Resorts International by 1,978.3% during the 2nd quarter. Janus Henderson Group PLC now owns 1,106,856 shares of the company’s stock valued at $34,634,000 after buying an additional 1,053,597 shares during the period. Finally, Covey Capital Advisors LLC purchased a new stake in MGM Resorts International during the 2nd quarter valued at $1,009,000. Hedge funds and other institutional investors own 76.63% of the company’s stock.
Several analysts recently weighed in on MGM shares. BidaskClub lowered MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Susquehanna Bancshares Inc restated a “neutral” rating and set a $33.00 price target (down previously from $38.00) on shares of MGM Resorts International in a report on Tuesday, October 3rd. Barclays PLC restated an “overweight” rating on shares of MGM Resorts International in a report on Monday, October 2nd. Stifel Nicolaus lowered MGM Resorts International from a “buy” rating to a “hold” rating and decreased their price target for the company from $38.00 to $33.00 in a report on Wednesday, October 18th. Finally, UBS AG lowered MGM Resorts International from a “positive” rating to a “neutral” rating in a report on Tuesday, October 3rd. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. MGM Resorts International currently has an average rating of “Buy” and a consensus price target of $36.50.
Shares of MGM Resorts International (MGM) traded up $0.16 during mid-day trading on Thursday, reaching $33.05. The company had a trading volume of 1,218,286 shares, compared to its average volume of 8,814,760. MGM Resorts International has a 12 month low of $25.15 and a 12 month high of $34.65. The company has a market capitalization of $18,597.64, a P/E ratio of 29.07, a P/E/G ratio of 7.47 and a beta of 1.42. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.98 and a current ratio of 1.02.
MGM Resorts International announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 11th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s payout ratio is currently 43.14%.
In related news, Director Rose Mckinney-James sold 3,097 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $33.83, for a total transaction of $104,771.51. Following the sale, the director now owns 10,724 shares of the company’s stock, valued at $362,792.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Corey Ian Sanders sold 16,446 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $33.63, for a total value of $553,078.98. Following the sale, the insider now directly owns 198,058 shares in the company, valued at approximately $6,660,690.54. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 708,548 shares of company stock worth $24,104,032. 12.20% of the stock is owned by corporate insiders.
MGM Resorts International Profile
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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